WASHINGTON, June 12, 2013 - The latest USDA World Agricultural Supply and Demand Estimates report has some dismal news for corn producers and consumers alike.
The report lowered both expected production and expected yield for 2013/14 in reaction to planting difficulties currently facing producers in the western Corn Belt. Planting progress was made at rapid rates in mid-May, but rains and cool temperatures have hindered the planting season to the point of lowered output expectations.
Actual production numbers were lowered 135 million bushels to 14 billion bushels of corn at an average yield of 156.5 bushels per acre, a 1.5 bushel deduction from last month. Domestic corn usage has also been projected 70 million bushels lower in 2013/14, but corn used in ethanol is raised 50 million bushels aligning with an increase for the month in the 2012/13 marketing year.
Wheat production is split by a domestic increase in winter wheat production but a drop in global supplies. Projected 2013/14 domestic production is up 23 million bushels , and exports are projected 50 million bushels higher on strong early season sales. Global supplies were lowered 5.6 million tons because of lower foreign production estimates.
Reports:
USDA World Agricultural Supply and Demand Estimates
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